Company Performance and Recent Fundraising News from Renatus Capital Partners

The Irish-arm of Holland & Barrett recorded revenues of £35.1m in 2017, a 3.0% increase on the prior year, whilst EBITDA, impacted by a 1.0 percentage point drop in gross profit, declined by 22.9% to £4.9m. Store estate across the country grew by two stores to 56 at the end of the fiscal year. The results come following news that parent company, Holland & Barrett International, was acquired in 2017 by Russian billionaire Mikhail Fridman's L1 Retail in a deal worth £1.7bn.

Associated Newspapers (Ireland), the company that publishes the Irish Mail on Sunday and the Irish Daily Mail saw revenue decrease by 8.8% from €17.4m to €15.8m in 2017. The impact of the decline in newsprint circulation was also felt at EBITDA level, with profits falling 54.2% to €1.1m. The company is wholly owned by LSE-traded Daily Mail and General Trust.

Dublin Aerospace recorded a revenue increase of 4.6% in FY17, bringing full year revenues to €47.3m. The aircraft-maintenance group, founded by former Ryanair executive Conor McCarthy, also recorded an EBITDA uplift of 16.6% from €6.5m to €6.5m in the year. Whilst a dividend of €253k was approved on preference shares and headcount at the company jumped from 245 to 264 in the year

Australian homeware and electronics chain, Harvey Norman, saw revenue increase by 0.9% to 182.5m in 2017, whilst EBITDA jumped 51.3% to €3.7m. The Sydney-based giant, which has 13 stores in Ireland and two in the North, posted a loss of €209k at operating level, in comparison to the prior year when it posted an operating loss of €1.26m.

Who: HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland and InterTradeIreland, announces that its new London Syndicate plans to invest in Irish start-ups over the next three years.

What: HBAN London, is to invest €3m to support the creation of an international network with an affinity to Ireland. Led by entrepreneur Harry McDermott, the UK-based syndicate has already recruited more than 10 experienced investors from backgrounds including finance, technology, telecoms, medtech and fintech.

Why: Up to six ambitious Irish companies with eyes for international expansion will see investment from the syndicate over the next 12 months.

Source: HBAN

Yew Grove Reit

Who: Yew Grove Reit, a new Irish real estate investment trust (reit), states it plans to float on the junior Dublin and London stock markets in early June.

What: The management team behind Yew Grove Reit had initially set out to raise €100m in an IPO, though this has reportedly been scaled back to about €80m.

Why: It hasn’t been officially stated as to where the funds will go, but they are rolling an initial portfolio of 10 such properties – mainly office and industrial assets let to State entities, IDA-supported companies and large corporates – valued at €25.9m into the trust.

Source: The Irish Times

Starling Bank

Who: Starling Bank, a fintech start-up founded and led by former AIB COO Anne Boden, is in the process of raising money from investors.

What: The start-up is seeking to raise £80m (€91m). If confirmed, the latest financing would bring total fundraising for the digital banking challenger to about €140.5m. Starling’s primary backer to date has been hedge fund manager Harald McPike, the founder of Bahamas-based quantitative investment manager QuantRes.

Why: Starling, which like many of its fintech competitors has secured its banking passport to enable it to operate across Europe, is planning to launch services in Ireland this year. The UK-based mobile-only challenger bank’s key rivals include Revolut, N26 and Monzo, as well as more traditional financial institutions. The funding round is set to be used to expand the business.

Source: The Irish Times

C7 Brands Ltd.

Who: C7 brands Ltd, the entity behind flavoured coconut water brand Coco Fuzion100 has received an investment in return for control of 60% of the company. Former rugby player Jamie Heaslip is an investor in the brand.

What: The group received a £2m (€2.28m) investment. The deal sees Prime Active Capital reduce its stake in the business to 40% with Abbey International Finance investing in return for majority control of the company. The investment is a blend of equity and additional debt funding.

Why: Abbey International Finance MD, John Prosser stated the company looks forward to making Coco Fuzion a “global brand”.

Source: The Irish Times

Amaranthine Fund 1 Ltd.

Who: Amaranthine Fund 1 Ltd, a new venture capital fund being established by WebSummit founders Paddy Cosgrave and David Kelly and also experienced VC investor Patrick Murphy.

What: The trio are planning to raise a €50m VC fund to be based in San Francisco.

Why: A statement on the fund's website states that it will "connect, support and invest in the world's top technologists through the founders platform." F.ounders is an invite-only event started by the WebSummit team that aims to bring together the world's leading technology company founders.

Source: Business Post

SWAYE

Who: SWAYE, a new app-based platform which connects marketers and social media influencers run by entrepreneurs Andrew O'Neill and Geoff Walker. The pair is also behind the successful Dublin blow dry and beauty chain Dry & Fly.

What: Swaye is seeking to raise €500,000. The development of the platform and busines up to now has all been self-funded by the founders.

Why: The app has already been launched in Dublin and London. The new funding will be used to launch the platform in the Middle East, Australia, Hong Kong, Singapore and Brazil. It will also invest in developing a sales team, customer service and development.

Source: Business Post

Neurent Medial

Who: Neurent Medial, a Galway-based medical device company that is developing a device to treat a common nasal flamation. The business was founded in 2015 by chief executive Brian Shields and chief technology officer David Townley.

What: The business has raised €9.3m in Series A funding in a round led by Fountain Healthcare Partners. Atlantic Bridge, Western Development Commission, Enterprise Ireland, and a syndicate of Irish and UK medical device veterans are also investors.

Why: The funding will be used to commercialise its device for the treatment of rhinitis in the US market, advancing product development, carrying out clinical trials and hiring up to 25 people.